iFOREX has reached an agreement to work in collaboration with ArtuData in an effort to develop artificial intelligence (AI) technologies. The companies will work together to assess and improve iFOREX’s performance by enhancing its predicative analysis capabilities, thereby increasing user acquisition and conversion percentages.
In an effort to optimize marketing efforts as well as to improve user acquisition rates, the partnership will seek to apply ArtuData’s AI algorithms into iFOREX’s systems, including its online marketing platform EMERP, CRM system SCMM, and iFOREX’s FXnet trading platform. The AI algorithms are intended to provide a trustworthy assessment of predictive customer behavior, which would be of immeasurable value to any brokerage.
iFOREX is a provider of online foreign exchange and CFD trading services, and has achieved substantial results since its establishment in 1996. While the company has primarily developed its brand through the retail FX industry, iFOREX entered the prime brokerage market in 2017. Operating under the name iFOREXPrime, it began to offer institutional businesses and professional traders access to its liquidity and advanced systems. iFOREXPrime was launched in collaboration with New York-based technology provider Forex Development Corporation (FDC).
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ArtuData is a UK-headquartered technology company that specializes in artificial intelligence for retail financial services companies and brokerages. The world of AI has improved many facets of various industries, by enabling and simplifying improvements of functionalities that would otherwise be time consuming and daunting. The company has applied technological concepts to financial markets, and has been able to leave its mark across the industry. In October 2017, ArtuData partnered with Google and Amazon in an effort to assist brokers locate and acquire large-scale clients. As 2018 is now underway, the agreement has placed ArtuData at the forefront of the financial industry’s incorporation of artificial intelligence.
Value for Both Parties
The partnership with iFOREX should provide strong value for both sides. ArtuData representatives said: “We are proud to have the opportunity to work with iFOREX, a leading broker with such a unique legacy of over 20 years. The largest companies in the world are already using AI intensively to build their competitive edge and we are fortunate to be able to bring this incredibly powerful tool and combine it with the advanced technologies of iFOREX.”
In tandem with the official announcement, iFOREX commented on the freshly minted agreement: “As a leading global investment firm and FinTech company, we are constantly aiming to lead innovation. We have gone through several revolutions already: from Phone to Web to Mobile, and we think it is clear that artificial intelligence is the next step for our industry. Therefore, we wish to explore this fascinating new world of AI and believe ArtuData who specializes in AI for user acquisition is the right partner to do it with.”